Strategist: Time For a Vacation From Europe

Despite the tumult in Europe, the single currency has been hanging tough. This strategist says it's time to sell.

With all that's going on in Europe, why is the single currency trading as high as it is? Willie Williams, director of global macro sales at Societe Generale, thinks he has the answer. "The market really wants to be short the euro," Williams told CNBC's Scott Wapner, but "with the positioning we currently have in the market, it's proving really difficult to remain short."

That said, Williams recommends selling the euro against the Canadian dollar, entering the trade at 1.4150 with a stop at 1.4350 and a target of 1.3550. The Bank of Canada today reduced its growth forecast for 2012, which has weighed down the Canadian dollar, but Williams says, "I still think we have some issues to work out in Europe."

Indeed.

You can watch the whole discussion in the tape.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.

Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top currency strategies are broken down for you in Currency Class.